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GameStop s chief financial officer steps down after stock market saga
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By CATHERINE THORBECKE, ABC News
(NEW YORK) GameStop, the video game retailer that found itself at the center of an unprecedented stock market extravaganza, announced its chief financial officer will be stepping down next month.
The company said Jim Bell, the executive vice president and CFO, will be resigning from his roles on March 26.
GameStop said that it has begun searching for a new CFO “with the capabilities and qualifications to help accelerate GameStop’s transformation” in a statement announcing Bell’s resignation. If a permanent replacement is not found by Bell’s departure date, the company said it will appoint Diana Jajeh, the chief accounting officer, as interim CFO.
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(NEW YORK) The GameStop saga.
No one could have anticipated that a struggling video game retailer would be at the center of a next-level frenzy in the stock market that captivated the world, brought hedge funds to their knees and upended the conventions about small investors.
Users from the Reddit page r/wallstreetbets earlier this month gobbled up stock from floundering chain GameStop, sending the price soaring and forcing institutional investors who bet against the company to back out performing what’s known as a “short squeeze.”
The phenomenon where short sellers are forced to repurchase stock as prices rise, thereby pushing the price higher isn’t new, but the combination of characters and technology and novel trading platforms forced Wall Street and regulators to pay attention to retail investors as never before.